JVC to Host Rough Diamond Training Seminar

The Jewelers Vigilance Committee is presenting “Training for Rough Diamond Traders: U.S. Statutory Requirements” at the JA/NY Summer Show, Jacob Javits Convention Center, July 28, from 10:30 till noon in meeting room 1E03.

U.S. Treasury has announced two new amendments to the Clean Diamond Trade Act that will affect rough diamond importers and exporters’ businesses. The amendments cover data collection for the import and export of rough diamonds in the U.S. to support obligations under the Kimberley process. 

The training seminar will cover new procedures diamond traders must follow, including mandatory requirements of “formal entry for consumption” documents and for filing an annual report in the U.S. The e-mail address for filing both reports is USKimberleyProcess@state.gov.

Failure to file the annual report can expose a rough diamond importer or exporter to a civil fine of $10,000 for each instance of non-compliance, or criminal penalties of up to $50,000 in fines and 10 years imprisonment, JVC said

Training will be conducted by representatives of the U.S. State Department, U.S. Departments of Customs and Census, and Cecilia Gardner, JVC’s president, chief executive officer, general counsel. There will be a Q&A period. The training session is sponsored by JVC and the United States Kimberley Process Authority.

“This effort to improve the data gathered on imports and exports of rough diamonds will further strengthen the U.S. industry’s efforts to end the trade in conflict diamonds. To avoid liability, rough diamond importers and exporters are urged to attend. Attendance at this training is vital to avoid liability or government enforcement actions,” said Gardner, who also is director of the U.S. Kimberley Process Authority

Attendees will receive written guidance prepared by the U.S. State Department,  “The Essential Guide to Implementing the Kimberley Process,” prepared by World Diamond Council, “Guidance on Trading with the European Community” and an updated list of diamond government office contacts.

Registration for this training session is not required. Refreshments will be served.

Visit JVC’s Web site, www.jvclegal.org, for more information about amendments to the Clean Diamond Trade Act and for JVC’s legal compliance products and services.

For information about the Kimberley Process and Clean Diamond Trade Act, visit: www.state.gov/e/eeb/diamonds or http://www.kimberleyprocess.com.